Home Based Enterprises & Interest Beater Challenge.

shaz_mum_of__2

nykmedia wrote: »

Hello frugal spendthrifts, I just HAD to come back after a news article I was reading jolted my memory and reminded me of a wacky idea I had last year and then failed to implement it!

The story that has caused such excitement is the one about formerly cheap clothing prices could be set to rise by about 5% because of the huge increases in fuel, transport etc. All those 'Made in wherever' labels that we see in the less expensive clothing and fashion stores, a miniscule 5% onto £5 may not seem much but that could be just the start. But WE are already frugal and WE have already downshifted everything we possibly can to avoid paying full price, so how can WE possibly benefit from this?

SIMPLE!
We set up our very own online clothing and accessory co-operative! Not only will we be able to offload the items we no longer need but we'll also be able to 'buy' whatever anyone else involved has available! I'm not talking about a big commercial website or store, I'm talking items at a few pence each and priced to include postage & packaging at cost.

Example: if I had a blouse I no longer wanted, it is lightweight, it would cost perhaps 20p for the postal envelope, £1.63 for second class postage and a fee for accepting online payments of about 30p The blouse would cost me £2.13 to send off to someone else. By offering to sell it at £2.50 including P&P I could...

a) Provide someone with a much-needed bargain
b) Clear out an item I no longer need
c) Make a few TAX FREE pennies by rounding up the price and add them to my challenge amount.

Is this just a wacky idea or is it something anyone else would consider?

Hi nyk there is a yahoo group callled for postage only its a bit like freecycle but by mail its very quiet on there at the moment but perhaps that will change after mentioning here

http://uk.groups.yahoo.com/group/ForPostageOnlyUK/

you need to register and have a yahoo account or register for one too

Hope this is of some use

Frugaldom

Thanks for that link, it is along the lines of what I'm attempting but mine is clothing and fashion accessories only. (I've got the new link in my profile but nothing much to see yet as I ended up going out into the garden this afternoon.

Followup to the missing mutual points for the friendly society bond:


We have received your request to redeem your Points for £50.00
A cheque will be sent to your registered address...
Cheques will be processed at the month end and please allow 21 days for delivery. :j :j :j

I won't add it to my signature until it actually arrives next month.

Pirategirl

Hi NYK,
Finally got time to sit and read this thread - I know i'm a latecomer, but is there any room for a Pirategirl? I promise not to keep shouting 'Arrr me hearties' or trying to make people splice the mainbrace...?

Frugaldom

Welcome Pirategirl, you are very welcome to join us here, I'll get your name added to post 1 right away

I'm just waiting to find out if my HSBC e-saver application tracks, then I'll use it to save the interest beater money. Fingers crossed again, I think I selected the correct one but I'm not too sure. Did anyone else go via Topcashback?

Pirategirl

Yay, thank you NYK. Hello all
*sits quietly, on best behaviour*

*fidget*

I figured it made sense for me to join this because I am already trying to earn more on top of salary, but wasnt keeping track properly - I want to try and pay off some of my mortgage, & if I dont keep track it will disappear!

So far
Random things - £110
Free Bingo £10

Am I allowed to include Ebay if I am also doing the Mad Ebay challenge?!

Going now...things to do while I have motivation!

Frugaldom

You can include anything here at all, just don't forget what is and what isn't permissible as far as the tax man is concerned. I'm only counting tax free 'income' such as winnings, decluttering, cashbacks. I was going to count interest accrued from stoozed CC accounts but apparently this has to be declared on tax return. Pay per clicks and affiliate commissions are classed as taxable income, so they go through my business account.

My personal interest beater challenge is to accrue a minimum of £260 of absolutely TAX FREE cash which, in turn, is banked to earn interest and then transferred monthly to pay my tax free 10-year savings bond (with life assurance included) with the friendly society.

Pirategirl

Understand - thank you NYk. I will have a think and see if there is anything else I can do which will add to this in the correct way

*goes to have a think..and get a cold drink on the way*

Frugaldom

Oh woopy woo, it's bingo night again, can anyone win a few pounds extra tax free within these dreary 24 hours?

My HSBC confirmation arrived, so my interest beater funds are safely tucked away in there and I haven't got a clue what they are for, just know that they are interest free and will gain a few pence extra in interest along the way. Hopefully, the sign-up will track soon for the cashback.

I WILL beat the 6.5% interest!
I WILL earn enough to pay into my 10 year savings bond!
I WILL persevere at free bingo!
I WILL keep decluttering until all the clutter is gone!

Then I may win on the Premium Bonds and buy my house with that instead. :rotfl:

Marru

nykmedia wrote: »

I WILL beat the 6.5% interest!
I WILL earn enough to pay into my 10 year savings bond!
I WILL persevere at free bingo!
I WILL keep decluttering until all the clutter is gone!

Then I may win on the Premium Bonds and buy my house with that instead. :rotfl:

Nyk, try this instead:

I AM beating the 6.5% interest!
I AM earning enought to pay into my 10 year savings bond!
I AM persevering at free bingo!
I AM decluttering and I can see the clutter going all the time

I have enought funds to buy my house at the right time in the right place.

You are welcome to print it and chant it morning and night...:D

Talking about Bingo - I have been locked out for ages, I tried to reboot the system but no joy - I'll see you when I see you.

Frugaldom

Thanks Marru, I've done a quick count-up of all outstanding cashback pending in various accounts and I already know that I will beat my 6.5% tax free target interest on my 4k cost of living. :j Because this is a 'tax year' challenge, we still have 11 months left and I think I could hit 6.5% by month 4. I'm at 3.78% at the moment (It's dropped £10 because I spent it! :rotfl: )

Will have a closer look at matched betting soon but think I may have used up all my free opportunities for that.